Nigeria’s foreign exchange (FX) reserves grew by $1.03 billion in one month.
According to data from the Central Bank of Nigeria (CBN),
the FX reserve grew from $41 billion on August 19 to $42.03 billion on
September 19.
The current figure represents the highest level since
September 26, 2019.
TheCable Index analysis showed that the foreign reserves
climbed by 2.51 percent in one month.
Further analysis revealed that the country’s reserve grew
consistently from the beginning of the month.
On September 1, the reserves recorded $41.42 billion, with
the upward trajectory continuing to $41.57 billion on September 8, $41.84
billion on September 15, and $42.03 billion on September 19.
Between September 1 and September 19, the nation’s reserve
surged by $610.7 million.
The reserves increase signals CBN’s efforts in growing its
firepower against shocks in the FX market.
On September 10, Olayemi Cardoso, CBN governor, said the
bank is targeting a diaspora reserve of $1 billion by 2026.
Cardoso said the diaspora reserve currently stands at $600
million.
He said the CBN has prepared the framework and done
everything required to enable them to meet the target by 2026.
On May 13, the apex bank in collaboration with the Nigeria
Inter-Bank Settlement System (NIBSS), launched the non-resident bank
verification number (NRBVN) platform to ease access to financial services for
Nigerians abroad.
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